Nice trade mate - well done and good spot on a false break pullback to the key resistance, so nicely done all around
Kind Regards,
Chris Capre
yeah, some good opportunities (not sure how much longer) on European indices all day as they’ve been on a tear just eating up shorts while taking out every intra-day resistance level along the way.
AU trying to break above key breakout pullback level of 1.0273, JPY pairs not at a place for me to sell or buy yet.
Made a small profit buying GU, but closed out as its not able to hold the upside and take out more levels
EU in middle of a daily range, so not my cup of tea
so some good stuff all around
Kind Regards,
Chris Capre
Thanks Chris. As usual credit always goes to you. Your frequent posting helped me a lot and still learning from your materials.
Would like to share ideas in this thread to get your comments in near future.
Happy Trading
Nice to hear that you earned some profit. If you see anything don’t forget to update here.
Hello Chris!
Had not attached any graphics yet because I did not know, but there you go then settings as I negotiate: 3 moving averages, the 30, 50 and 100, an indicator of round numbers, an indicator signaling areas of support and resistance and tracker trends showing on which timeframe is a trend happening.
This is the EUR / JPY pair, the daily timeframe.
The other pairs like NZD / JPY and USD / JPY well as others follow with this line too, but with some differences, some with a trend clearer purchase, while others not so much.
In addition I would also say that I use yet another system called “100 pips - FOREX DOMINATION SYSTEM” which has two indicators filter to separate bad business. Therefore, I use both methods to indentificar good entries and stay out of bad business or as a trend is not strong enough to enter a trade.
Would greatly appreciate it if you could contribute and help me in my trading currencies using the principles of its price action.
Hello BrasilianForex,
Hard for me to comment on these ‘systems/indicators’ as I did not create them, nor know the basis for them.
But I rarely find these are necessary. When you learn to read price action using the base models I talk about in this thread, then you have what I feel to be a far more effective tool.
Along those lines, where do you see the impulsive and corrective moves aligning with?
Kind Regards,
Chris Capre
Hello Chris!
The moments correction / retraction are dotted in blue, signaling the support area and resistance area are dotted in red. Use this indicator in addition to the system because it helps me to better identify areas of support and resistance which are important aspects of technical analysis, and for me it makes it easier because I still consider myself a beginner because it started to negotiate the last year only.
Just wanted to supplement my previous post with some more graphs here which occurred more pin bar formations in USD / JPY, EUR / JPY and NZD / JPY. Does the retractions these pairs is coming to an end and a buying opportunity is coming? Before you want to wait for a confirmation and see what you think.
I put a blue arrow at the bottom of each pin bar, it’s not part of my system and was placed manually even just to signal a possible purchase.
Hi all,
Got a negative 9 pips on my 2nd Kiwi Dollar trade. I should have moved SL all the way to BE. Should have not touched it to begin w/ as it was protected by a level. Should have, would have. Sigh…
I’m still bearish on this pair though. There was a failed break out to the downside yesterday but upper wicks are all over the place in the D1 chart. Moreover, 20ema held nicely.
On the 4hr, the RBNZ Rate Statement fueled price to push thru 20ema but settled beneath it when the candle closed. In short, the 20ema/price relationship hasn’t been broken.
And…
I really need to improve on setting my 1st target.
Greed! I haven’t overcome it yet. :34:
Charts below:
hello bull
my suggestion is take notes on what you could have done differently, file them in the journal, then move on for now, and review them before the next week starts, or the end of this week. your attention should be on the now, and what’s in front of you. there will be time for analyzing later and making adjustments
but as a general rule, when im up 1x my risk, i move stop to BE
Hope this helps.
Kind Regards,
Chris Capre
hello brasilianforex
so hard for me to comment on the dotted lines, but seems a little overkill imo and giving s/r levels in the middle of certain ranges, instead of more reactive areas where the price action produced a stable, or heavy reaction
but the key is if its working for you - then stick with it
as to buying before resistance on the pin bar, unless you have an underlying breakout structure, i generally avoid it and look for a pullback
but check out my recent article on How to Trade Price Action Trends - What You’ve Been Missing as it will give you some really help full clues that would take 3 pages to explain here, particularly giving you some ideas on how to trade this type of trend.
Hope this helps.
Kind Regards,
Chris Capre
Hello BrasilianForex,
You have to decide whether to follow Chris’ teachings or stick to your ways. I guess there is no compromise in between. My two cents.
Have a nice day.
Hello Chris,
I have different approach on my 2 positions every trade. The 1st is supposed to take partial profit on a minimum of 2:1 r&r. The 2nd is to ride w/ the trend.
On the 1st position I have the tendency to overshoot my target and just manage the trade on a level by level method. I have this method for the 2nd position as it trails the trend when it is in progress.
I am going to apply your general rule regarding moving sl to be. And, I’ll stick to my original purpose on the 1st position.
We’ll see how it develops.
Overall, those are wonderful insights again.
Thank s a lot.
This seems to be getting quite interesting.
I maintain a 2:1 risk reward ratio at the beginning of each trade then when am about 20% into profit,
the Sl is move to BE. At 80% I eliminate the TP and move the SL 50% up into profit. Afterwards i just keep moving the SL
up further into the S/L areas till am stopped out.
I dont remember having a trade hit a TP…hehehe…kinda greedy:cool:
brazilian, i think your going through that period of trading… when you ditch those things, life becomes easier, trust me.
i move my stop to BE 0.5RR into the trade, thats because i find that the market will either reverse at that level, or continue to 1:1 and beyond.
Hope that helps guys.
APEX.
Different strokes for different folks.
Anyway, at the end of the day, it boils down to only one thing: comfortability w/ one’s method.
Update on my original NZDUSD trade (last week):
bagged 3:1r&r on the 1st position.
netted 2:1 r&r on the 2nd.
Reason for trade termination on the 1st position: 20ema/price relationship was broken on the 4hr and strong buying pressure on the hourly.
Trailing stop hit on the 2nd position.
Well said mate :57:
Haha, couldnt have put it better mate. Whatever your comfortable with.
